The Manufacturers Life Insurance Company Grows Holdings in CorMedix Inc. (NASDAQ:CRMD)

The Manufacturers Life Insurance Company increased its position in CorMedix Inc. (NASDAQ:CRMD) by 13.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,190 shares of the company’s stock after buying an additional 2,700 shares during the period. The Manufacturers Life Insurance Company’s holdings in CorMedix were worth $100,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CRMD. Marshall Wace LLP raised its holdings in CorMedix by 109.6% in the 2nd quarter. Marshall Wace LLP now owns 152,275 shares of the company’s stock valued at $659,000 after acquiring an additional 79,619 shares during the last quarter. Rhumbline Advisers grew its position in shares of CorMedix by 18.0% in the second quarter. Rhumbline Advisers now owns 74,239 shares of the company’s stock valued at $321,000 after purchasing an additional 11,339 shares during the period. Commonwealth Equity Services LLC increased its stake in CorMedix by 150.7% in the second quarter. Commonwealth Equity Services LLC now owns 94,752 shares of the company’s stock valued at $410,000 after purchasing an additional 56,963 shares during the last quarter. Principal Financial Group Inc. purchased a new position in CorMedix during the second quarter worth about $44,000. Finally, Bank of New York Mellon Corp boosted its stake in CorMedix by 19.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 158,901 shares of the company’s stock worth $688,000 after buying an additional 25,677 shares during the last quarter. Hedge funds and other institutional investors own 34.18% of the company’s stock.

Analyst Ratings Changes

CRMD has been the subject of a number of research analyst reports. Truist Financial dropped their price objective on shares of CorMedix from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, July 25th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $9.00 price target on shares of CorMedix in a research report on Thursday, August 15th. Rodman & Renshaw assumed coverage on shares of CorMedix in a report on Monday, August 26th. They issued a “buy” rating and a $13.00 price target on the stock. Finally, Needham & Company LLC restated a “buy” rating and set a $10.00 price objective on shares of CorMedix in a report on Thursday, August 15th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $12.60.

CorMedix Stock Performance

NASDAQ CRMD opened at $11.01 on Monday. The firm has a market capitalization of $605.10 million, a price-to-earnings ratio of -11.84 and a beta of 1.61. CorMedix Inc. has a one year low of $2.57 and a one year high of $11.03. The company’s 50 day moving average price is $7.15 and its 200 day moving average price is $5.69.

CorMedix (NASDAQ:CRMD) last issued its earnings results on Wednesday, August 14th. The company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.01. The business had revenue of $0.81 million during the quarter, compared to analysts’ expectations of $0.75 million. During the same period in the prior year, the business posted ($0.25) EPS. Sell-side analysts forecast that CorMedix Inc. will post -0.58 EPS for the current fiscal year.

CorMedix Profile

CorMedix Inc, a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States. Its lead product candidate is DefenCath, an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure.